The Bank of the Philippine Islands, founded in 1851 and widely recognized as the oldest bank in Southeast Asia, is preparing to test stablecoin-based settlement rails for cross-border payments. The pilot, developed in collaboration with Meridian, a global digital clearinghouse, is targeting a launch window of July 23-24, 2026.
The initial focus is refreshingly specific: payroll credits for freelancers, virtual assistants, and overseas Filipino workers. In a country where remittances account for roughly $40 billion annually, even marginal efficiency gains translate into real money staying in workers’ pockets instead of disappearing into intermediary fees.
What BPI is actually building
The pilot will create stablecoin settlement rails designed to speed up and reduce the cost of converting overseas income into Philippine peso deposits. Traditional cross-border payments typically bounce through multiple correspondent banks, each taking a cut and adding processing time. A stablecoin rail compresses that chain dramatically, settling transactions on-chain before converting to local currency at the destination.
BPI President TG Limcaoco has described the pilot as a natural progression in the bank’s digital strategy. Meridian CEO Will Haering has emphasized the importance of safely integrating stablecoin technology into traditional banking systems. The pilot will operate under the regulatory framework of the Bangko Sentral ng Pilipinas, the country’s central bank, with explicit emphasis on consumer protection and reserve transparency.
